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  1. #1

    Default Consequence of Settling Personal Credit Cards

    My question involves collection proceedings in the State of: NY
    What is the consequence of settling personal credit cards ? Is it true that credit cards will normally take 30% of the amount owed on the card? How does one negotiate this?

  2. #2
    Join Date
    Oct 2016
    Posts
    4,301

    Default Re: Consequence of Settling Personal Credit Cards

    Consequences
    1. Hit to your credit history.
    2. Taxed on the amount forgiven.

    There is no standard percentage.

    "Hello collection department person is there anyway we can settle this for a lower amount?" is generally how it will start.

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